D.E. Shaw Renewable Investments L.L.C. and Bright Plain Renewable Energy L.L.C. have announced the acquisition of the Kalaeloa solar farm from SunPower Corp. (NASDAQ: SPWR). The 5 MW (AC) solar farm was developed by SunPower in West Oahu, Hawaii, and has been acquired by an affiliate of DESRI in partnership with BPRE.
Construction on the project began in July and is expected to be complete next month. Hawaiian Electric will buy the power produced by the solar farm under a fixed-price contract for 20 years. Rabobank, a global financial services leader serving the renewable energy and food and agribusiness industries, is providing both construction and term loans for the project.
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